Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$68.70, the stock trades at a trailing P/E ratio of 68.2x. Average trailing P/E is 24x in the Electrical industry in Taiwan. Total returns to shareholders of 5.3% over the past three years. Upcoming Dividend • Jul 30
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 06 August 2026. Payment date: 26 August 2026. Payout ratio is on the higher end at 99%, and the cash payout ratio is above 100%. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (2.8%). Reported Earnings • May 20
First quarter 2026 earnings released: EPS: NT$0.47 (vs NT$0.45 in 1Q 2025) First quarter 2026 results: EPS: NT$0.47 (up from NT$0.45 in 1Q 2025). Revenue: NT$1.26b (up 26% from 1Q 2025). Net income: NT$73.8m (up 4.4% from 1Q 2025). Profit margin: 5.8% (down from 7.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. New Risk • Mar 20
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 138% Cash payout ratio: 163% Dividend yield: 3.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 138% Cash payout ratio: 163% Earnings have declined by 11% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (3.5% net profit margin). Annonce • Mar 13
K.S. Terminals Inc., Annual General Meeting, Jun 11, 2026 K.S. Terminals Inc., Annual General Meeting, Jun 11, 2026. Location: no,13, chang pin tung 3rd rd., siansi township, changhua county Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.53 (vs NT$0.80 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.53 (down from NT$0.80 in 3Q 2024). Revenue: NT$1.04b (down 11% from 3Q 2024). Net income: NT$82.7m (down 34% from 3Q 2024). Profit margin: 8.0% (down from 11% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.49 loss per share (vs NT$1.19 profit in 2Q 2024) Second quarter 2025 results: NT$0.49 loss per share (down from NT$1.19 profit in 2Q 2024). Revenue: NT$1.18b (up 1.8% from 2Q 2024). Net loss: NT$76.2m (down 141% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.45 (vs NT$0.94 in 1Q 2024) First quarter 2025 results: EPS: NT$0.45 (down from NT$0.94 in 1Q 2024). Revenue: NT$1.01b (down 2.0% from 1Q 2024). Net income: NT$70.7m (down 52% from 1Q 2024). Profit margin: 7.0% (down from 14% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Annonce • Apr 29
K.S. Terminals Inc. to Report Q1, 2025 Results on May 08, 2025 K.S. Terminals Inc. announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$51.10, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 17x in the Electrical industry in Taiwan. Total loss to shareholders of 33% over the past three years. Upcoming Dividend • Apr 03
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 10 April 2025. Payment date: 07 May 2025. Payout ratio is a comfortable 51% but the company is paying out more than the cash it is generating. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (4.9%). In line with average of industry peers (3.3%). Reported Earnings • Mar 16
Full year 2024 earnings released: EPS: NT$3.88 (vs NT$3.49 in FY 2023) Full year 2024 results: EPS: NT$3.88 (up from NT$3.49 in FY 2023). Revenue: NT$4.54b (up 9.0% from FY 2023). Net income: NT$604.6m (up 11% from FY 2023). Profit margin: 13% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Declared Dividend • Mar 15
Dividend increased to NT$2.00 Dividend of NT$2.00 is 33% higher than last year. Ex-date: 10th April 2025 Payment date: 7th May 2025 Dividend yield will be 2.9%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 2.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Mar 04
K.S. Terminals Inc. to Report Fiscal Year 2024 Results on Mar 13, 2025 K.S. Terminals Inc. announced that they will report fiscal year 2024 results on Mar 13, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.80 (vs NT$0.99 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.80 (down from NT$0.99 in 3Q 2023). Revenue: NT$1.17b (up 19% from 3Q 2023). Net income: NT$124.3m (down 20% from 3Q 2023). Profit margin: 11% (down from 16% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Annonce • Oct 29
K.S. Terminals Inc. to Report Q3, 2024 Results on Nov 07, 2024 K.S. Terminals Inc. announced that they will report Q3, 2024 results on Nov 07, 2024 Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: NT$1.19 (vs NT$1.05 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.19 (up from NT$1.05 in 2Q 2023). Revenue: NT$1.16b (up 3.5% from 2Q 2023). Net income: NT$185.4m (up 13% from 2Q 2023). Profit margin: 16% (up from 15% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 3% per year. Annonce • Aug 01
K.S. Terminals Inc. to Report Q2, 2024 Results on Aug 08, 2024 K.S. Terminals Inc. announced that they will report Q2, 2024 results on Aug 08, 2024 Reported Earnings • May 19
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: NT$0.94 (up from NT$0.85 in 1Q 2023). Revenue: NT$1.03b (down 3.0% from 1Q 2023). Net income: NT$145.9m (up 9.8% from 1Q 2023). Profit margin: 14% (up from 13% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 9.6%. Earnings per share (EPS) exceeded analyst estimates by 1.1%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 7% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 03
K.S. Terminals Inc. to Report Q1, 2024 Results on May 09, 2024 K.S. Terminals Inc. announced that they will report Q1, 2024 results on May 09, 2024 Upcoming Dividend • Mar 26
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 02 April 2024. Payment date: 26 April 2024. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (4.7%). In line with average of industry peers (2.4%). Reported Earnings • Mar 16
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$3.49 (down from NT$5.75 in FY 2022). Revenue: NT$4.17b (down 14% from FY 2022). Net income: NT$543.4m (down 39% from FY 2022). Profit margin: 13% (down from 19% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 3.9%. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Annonce • Mar 16
K.S. Terminals Inc., Annual General Meeting, Jun 06, 2024 K.S. Terminals Inc., Annual General Meeting, Jun 06, 2024. New Risk • Nov 21
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 13% Last year net profit margin: 20% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (13% net profit margin). New Risk • Oct 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Mar 31
Upcoming dividend of NT$2.00 per share at 2.8% yield Eligible shareholders must have bought the stock before 07 April 2023. Payment date: 04 May 2023. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (5.9%). Lower than average of industry peers (3.3%). Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: NT$5.75 (vs NT$4.98 in FY 2021) Full year 2022 results: EPS: NT$5.75 (up from NT$4.98 in FY 2021). Revenue: NT$4.85b (up 1.1% from FY 2021). Net income: NT$895.4m (up 16% from FY 2021). Profit margin: 19% (up from 16% in FY 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 33% per year. Reported Earnings • Nov 18
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$1.72 (up from NT$1.27 in 3Q 2021). Revenue: NT$1.26b (up 4.4% from 3Q 2021). Net income: NT$267.1m (up 35% from 3Q 2021). Profit margin: 21% (up from 16% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) exceeded analyst estimates by 16%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target decreased to NT$100.00 Down from NT$110, the current price target is provided by 1 analyst. New target price is 39% above last closing price of NT$72.20. Stock is down 27% over the past year. The company is forecast to post earnings per share of NT$6.33 for next year compared to NT$4.98 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 17
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: NT$1.75 (up from NT$1.07 in 2Q 2021). Revenue: NT$1.29b (up 8.0% from 2Q 2021). Net income: NT$272.7m (up 64% from 2Q 2021). Profit margin: 21% (up from 14% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.1%. Over the next year, revenue is forecast to grow 14%, compared to a 20% growth forecast for the Electrical industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 27% per year. Price Target Changed • Jun 07
Price target decreased to NT$100.00 Down from NT$110, the current price target is provided by 1 analyst. New target price is 28% above last closing price of NT$78.20. Stock is up 4.8% over the past year. The company is forecast to post earnings per share of NT$6.30 for next year compared to NT$4.98 last year. Reported Earnings • May 16
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$1.59 (up from NT$1.20 in 1Q 2021). Revenue: NT$1.19b (up 12% from 1Q 2021). Net income: NT$247.4m (up 33% from 1Q 2021). Profit margin: 21% (up from 18% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.0%. Earnings per share (EPS) exceeded analyst estimates by 20%. Over the next year, revenue is forecast to grow 20%, compared to a 27% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 20% per year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 01
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 08 April 2022. Payment date: 06 May 2022. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (3.4%). Reported Earnings • Mar 30
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: NT$4.98 (up from NT$2.32 in FY 2020). Revenue: NT$4.79b (up 42% from FY 2020). Net income: NT$775.0m (up 115% from FY 2020). Profit margin: 16% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) missed analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 19%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS NT$1.27 (vs NT$0.47 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.21b (up 45% from 3Q 2020). Net income: NT$197.5m (up 167% from 3Q 2020). Profit margin: 16% (up from 8.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$87.30, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Electrical industry in Taiwan. Total returns to shareholders of 117% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 16% share price gain to NT$98.00, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Electrical industry in Taiwan. Total returns to shareholders of 119% over the past three years. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.07 (vs NT$0.46 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.19b (up 41% from 2Q 2020). Net income: NT$166.4m (up 134% from 2Q 2020). Profit margin: 14% (up from 8.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Reported Earnings • May 18
First quarter 2021 earnings released: EPS NT$1.20 (vs NT$0.87 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: NT$1.06b (up 50% from 1Q 2020). Net income: NT$186.8m (up 38% from 1Q 2020). Profit margin: 18% (down from 19% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$62.50, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Electrical industry in Taiwan. Total returns to shareholders of 32% over the past three years. Major Estimate Revision • Apr 16
Consensus revenue estimates increase to NT$4.39b The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from NT$3.88b to NT$4.39b. EPS estimate increased from NT$3.75 to NT$4.84 per share. Net income forecast to grow 109% next year vs 38% growth forecast for Electrical industry in Taiwan. Consensus price target up from NT$66.00 to NT$90.00. Share price rose 9.6% to NT$74.40 over the past week. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improved over the past week After last week's 17% share price gain to NT$71.00, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Electrical industry in Taiwan. Total returns to shareholders of 41% over the past three years. Upcoming Dividend • Apr 01
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 08 April 2021. Payment date: 07 May 2021. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (4.8%). Lower than average of industry peers (3.6%). Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$2.32 (vs NT$2.71 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.38b (down 3.4% from FY 2019). Net income: NT$361.0m (down 14% from FY 2019). Profit margin: 11% (down from 12% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Annonce • Mar 20
K.S. Terminals Inc., Annual General Meeting, Jun 10, 2021 K.S. Terminals Inc., Annual General Meeting, Jun 10, 2021. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 17% share price gain to NT$58.80, the stock is trading at a trailing P/E ratio of 25.4x, up from the previous P/E ratio of 21.7x. This compares to an average P/E of 17x in the Electrical industry in Taiwan. Total returns to shareholders over the past three years are 17%. Price Target Changed • Jan 21
Price target raised to NT$66.00 Up from NT$51.00, the current price target is provided by 1 analyst. The new target price is 18% above the current share price of NT$56.10. As of last close, the stock is up 13% over the past year. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 20% share price gain to NT$57.20, the stock is trading at a trailing P/E ratio of 24.7x, up from the previous P/E ratio of 20.6x. This compares to an average P/E of 17x in the Electrical industry in Taiwan. Total returns to shareholders over the past three years are 1.7%. Is New 90 Day High Low • Jan 15
New 90-day high: NT$52.00 The company is up 34% from its price of NT$38.80 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 13% over the same period. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 15% share price gain to NT$49.15, the stock is trading at a trailing P/E ratio of 21.2x, up from the previous P/E ratio of 18.4x. This compares to an average P/E of 17x in the Electrical industry in Taiwan. Total return to shareholders over the past three years is a loss of 17%. Is New 90 Day High Low • Dec 25
New 90-day high: NT$46.70 The company is up 21% from its price of NT$38.60 on 25 September 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: NT$43.80 The company is up 6.0% from its price of NT$41.40 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 7.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.47 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$836.0m (down 5.3% from 3Q 2019). Net income: NT$73.9m (down 45% from 3Q 2019). Profit margin: 8.8% (down from 15% in 3Q 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Oct 30
New 90-day low: NT$37.60 The company is down 10.0% from its price of NT$41.60 on 31 July 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 14% over the same period.